#数字货币市场回调 The market taught everyone another lesson yesterday.

Bitcoin once fell below the $84,000 mark, while Ethereum couldn't hold the $2,800 support line, causing the entire crypto market to feel like it was put on pause. It's not just the mainstream coins; altcoins are also in a state of despair—over the past 24 hours, the number of liquidations across the network exceeded 170,000, directly evaporating $587 million. The most severe case occurred on a derivatives platform, where a single BTC long position lost $15.6 million; truly, one person's wealth code is another person's liquidation confirmation button.

The traditional market here isn't doing much better. The three major U.S. stock indices closed in the green: the Dow Jones fell by 0.90%, the S&P 500 fell by 0.53%, and the Nasdaq fell by 0.38%, with capital clearly jumping back and forth between sectors. The total market capitalization of cryptocurrencies has slid to $2.94 trillion, and panic sentiment has completely taken over—today's fear and greed index has plummeted to 23, firmly in the "extreme fear" zone.

However, there are also some people who are bottom fishing. A well-known institution made a move last week, spending $11.7 million to acquire 130 pieces of $BTC , and even set up a $1.44 billion reserve fund to pay dividends and service debts. This operation somewhat embodies the sentiment of "while others are fearful, I am greedy."

Another noteworthy piece of news: S&P Global has downgraded the stability rating of a certain leading stablecoin to "weak," citing concerns that continued declines in Bitcoin could lead to insufficient collateral. Meanwhile, the market generally expects the probability of the Federal Reserve cutting interest rates by 25 basis points this month has skyrocketed to 87.6%—the simultaneous occurrence of interest rate cut expectations and market declines feels somewhat surreal.

$ETH has also been affected recently, and in the short term, this wave of adjustment may not be over yet.